New York Congressman Ritchie Torres, a democrat, wrote a harsh letter blasting the efforts of the Securities and Exchange Commission (SEC) and its head Gary Gensler to rid cryptocurrency from the annals of American history.
Torres Vs. the SEC: Who Will Win?
The SEC has been developing a reputation as a bully over the past few months. The agency is initiating lawsuits against all crypto players, large and small, and it’s been utilizing tactics of “regulation through enforcement” rather than regulation through proper legislative tactics. Basically, the agency is working to ensure all crypto companies do what they’re required to do by getting sued or charged with crimes.
Instead, what the SEC needs to do is work hard to ensure all crypto or securities-centered laws are clear enough that crypto firms know how to follow them, but the agency is not doing this. Thus far, the large companies that have been sued or are being sued by the SEC include Coinbase, Binance, and Ripple, though the latter suit didn’t turn out so good for the SEC. Ripple was handed a very decisive win, and this is giving a lot of traders hope that perhaps the former two entities will turn out okay.
In any case, Torres is using the present situation to let the world know his thoughts and opinions. He said the case involving Ripple is clear evidence that crypto assets are not securities. Thus, they can be sold as part of investment contracts. He also commented that the new rule should be named after the presiding Judge Torres, who oversaw the case and gave Ripple the winning hand.
He also mentioned the SEC only needs to follow those who commit crypto crimes. He writes in his letter:
The SEC has chosen to communicate and regulate not by clear rule[s] or guidance, but by enforcement actions, often politically timed. The endless stream of contradiction and confusion, as well as the arbitrariness of the enforcement actions themselves, is the opposite of fair notice.
Torres isn’t the only one making comments about the ongoing fight between crypto and the SEC. Julio Barrios, founder and CEO of Bronx Crypto, explained that the federal government needs to do all it can in the coming months and years to establish clear rules regarding crypto trading in America so that blockchain can flourish in modern society and make the U.S. a go-to place for crypto enterprises.
Rules Are What’s Needed
He said:
Regulation through enforcement is not the way forward. Consumers must be protected, but not excluded from participating in this emerging market, and the industry needs guidelines for how to thrive and realize its potential.
In the past, SEC head Gary Gensler has described the crypto arena as the “Wild West” that’s riddled with abuse and fraud.
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